Macroeconomics - Definition
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Academic Research on Macroeconomics Macroeconomicsand reality, Sims, C. A. (1980). Macroeconomics and reality.Econometrica: Journal of the Econometric Society, 1-48. Existing strategies for econometric analysis related to macroeconomics are subject to a number of serious objections, some recently formulated, some old. These objections are summarized in this paper, and it is argued that taken together they make it unlikely that macroeconomic models are in fact over identified, as the existing statistical theory usually assumes. The implications of this conclusion are explored, and an example of econometric work in a non-standard style, taking account of the objections to the standard style, is presented. Themacroeconomicsof populism, Dornbusch, R., & Edwards, S. (1991). The macroeconomics of populism. InThe macroeconomics of populism in Latin America(pp. 7-13). University of Chicago Press. This paper explains the concept of macroeconomic populism. The purpose of this paper is to show that policy experiences in different countries and periods share common features, from the initial conditions, the motivation for policies, the argument that the country's conditions are different, to the ultimate collapse. Income distribution andmacroeconomics, Galor, O., & Zeira, J. (1993). Income distribution and macroeconomics.The review of economic studies,60(1), 35-52. This paper analyzes the role of wealth distribution in macroeconomics through investment in human capital. The paper further provides an additional explanation for the persistent differences in per-capita output across countries. Furthermore, the paper shows that cross-country differences in macroeconomic adjustment to aggregate shocks can be attributed, among other factors, to differences in wealth and income distribution across countries. Macroeconomicsof unbalanced growth: the anatomy of urban crisis, Baumol, W. J. (1967). Macroeconomics of unbalanced growth: the anatomy of urban crisis.The American economic review,57(3), 415-426From the intermediate demand perspective of the industry, agriculture and services, this paper analyzes the problems on the development of producer services in China and gives some related causes. The study also proposes different measures to be taken to accelerate the development of producer services in an even better fashion. The six major puzzles in internationalmacroeconomics: is there a common cause?, Obstfeld, M., & Rogoff, K. (2000). The six major puzzles in international macroeconomics: is there a common cause?.NBER macroeconomics annual,15, 339-390. The central claim in this paper is that by explicitly introducing costs of international trade (narrowly, transport costs but more broadly, tariffs, nontariff barriers and other trade costs), one can go far toward explaining a great number of the main empirical puzzles that international macroeconomists have struggled with over twenty-five years. Open economymacroeconomics, Dornbusch, R. (1987). Open economy macroeconomics. Effective tax rates inmacroeconomics: Cross-country estimates of tax rates on factor incomes and consumption, Mendoza, E. G., Razin, A., & Tesar, L. L. (1994). Effective tax rates in macroeconomics: Cross-country estimates of tax rates on factor incomes and consumption.Journal of Monetary Economics,34(3), 297-323. This paper proposes a method for computing tax rates using national accounts and revenue statistics. Macroeconomics: imperfections, institutions, and policies, Carlin, W., & Soskice, D. (2005). Macroeconomics: imperfections, institutions, and policies.OUP Catalogue. This book provides a unified framework for the analysis of short- and medium-run macroeconomics. It gives students a model that they can use themselves to understand a wide range of real-world macroeconomic behaviour and policy issues. The authors introduce a new graphical model (IS/PC/MR) based on the 3-equation New Keynesian model used in modern macroeconomics. Macroeconomicsand politics, Alesina, A. (1988). Macroeconomics and politics.NBER macroeconomics annual,3, 13-52.This paper examines the recent game-theoretic macroeconomic literature which provides a useful tool for analyzing the relationship between political institutions and the macroeconomy. This paper examines two related issues: the effects of electoral competition on macroeconomic policy and on the economic cycle, and the role of different degrees of independence of the Central Bank as a determinant of monetary policy. Themacroeconomicsof low inflation, Akerlof, G. A., Dickens, W. T., Perry, G. L., Gordon, R. J., & Mankiw, N. G. (1996). The macroeconomics of low inflation.Brookings papers on economic activity,1996(1), 1-76. Staggered price and wage setting inmacroeconomics, Taylor, J. B. (1999). Staggered price and wage setting in macroeconomics.Handbook of macroeconomics,1, 1009-1050. This paper reviews the role of temporary price and wage rigidities in explaining the dynamic relationship between money, real output, and inflation. It summarizes microeconomic data on price and wage setting behavior, and argues that staggered price and wage setting models provide the most satisfactory match with the data. Nonexpected utility inmacroeconomics, Weil, P. (1990). Nonexpected utility in macroeconomics.The Quarterly Journal of Economics,105(1), 29-42. This paper introduces, within the context of an infinite horizon optimal consumption problem, a parametric class of Kreps-Porteus nonexpected utility preferences--generalized isoelastic utility--which distinguishes attitudes toward risk from behavior toward intertemporal substitution. Some of the theoretical and empirical implications for macroeconomics of these state- and time-nonseparable preferences are examined. Keynesianmacroeconomicswithout the LM curve, Romer, D. H. (2000). Keynesian macroeconomics without the LM curve.Journal of economic perspectives,14(2), 149-169. This paper presents an alternative model to the IS-LM-AS model that replaces the assumption that the central bank targets the money supply with an assumption that it follows a simple interest rate rule. The resulting model is simpler, more realistic, and more coherent than IS-LM-AS, not just in its treatment of monetary policy but in many other ways. The paper also discusses other alternatives to IS-LM-AS.